The New York Racing Association's $130 million pension plan has some catching up to do. The association, based in Saratoga Springs, N.Y., has missed about $7 million in contributions to its pension plan, according to the Pension Benefit Guaranty Corp. Washington. NYRA's pension plan is underfunded by about $45 million, or 35%, said NYRA spokesman William Nader. In the past year, NYRA has missed contributions of $1.1 million and $4.5 million, and will soon owe an additional $1.3 million for the second quarter of this year, according to the PBGC.
Mr. Nader said however, that by Sept. 14, the association "will have made all of the payments necessary for 2004," as well as the $1.3 million contribution for the second quarter. He added that the association received a deferral for its contributions to the PBGC, and that its pension plan is not in default. Gary Pastorius, a PBGC spokesman, confirmed the payment obligations but declined further comment.